Revises the individual income tax rate set forth in GS 105-153.7, which currently sets a flat rate at 5.25%, as follows. Sets individual income tax rates based on taxpayer status and income, with tax rates set at 5.25%, 6.5,% and 7% within each taxpayer status, with the rate determined by the taxpayer's income within the ranges provided.
Increases the corporate income tax rate under GS 105-130.3 for C Corporations from 2.5% to 5%.
Effective for taxable years beginning on or after January 1, 2021.
A TAX PLAN FOR A JUST RECOVERY.
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| View NCGA Bill Details | 2021 |
AN ACT TO ENACT A TAX PLAN FOR A JUST RECOVERY.Intro. by Nickel, Murdock.
Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Apr 8 2021)
Bill History:
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Wed, 7 Apr 2021 Senate: Filed
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Thu, 8 Apr 2021 Senate: Passed 1st Reading
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Thu, 8 Apr 2021 Senate: Ref To Com On Rules and Operations of the Senate
S 710
Bill Summaries:
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Bill S 710 (2021-2022)Summary date: Apr 7 2021 - View Summary
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